Change of domicile postponed

Change of domicile postponed The offer from ICB Shipping Ltd., Singapore, on the exchange of all shares in ICB Shipping AB for newly issued shares in ICB Shipping Ltd., will not be extended. The offer, which was originally made to shareholders of ICB Shipping AB in August 1997 (and which was subsequently extended on several occasions), has not been possible to consummate due to the changes in ownership of ICB Shipping AB that have taken place after the offer was made. The boards of ICB Shipping AB and ICB Shipping Ltd. have, after consideration, determined that the information provided in connection with the original offer is no longer current and that the offer should therefore be rescinded. ICB Shipping AB's board of directors remains of the opinion that a change of the company's domicile can be beneficial to operations and the shareholders and intends - if the conditions are judged suitable - to present a new proposal at a later date. The shares turned in by shareholders who accepted the offer will be returned to the respective shareholders' accounts. Stockholm, Sweden, 28 January 1999 ICB SHIPPING AB (publ.) For further information, please call: Ola Lorentzon or Karl Molander, tel.: +46-8-613 30 30 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/01/28/19990128BIT00410/bit0001.doc